Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL PRODUCTS
Near term Gasoil backwardation has softened from the high time spreads seen at the start of August suggesting an easing of the near term tight supplies as crack spreads have drifted lower and refinery outages have reduced.
- The prompt spread has fallen from a peak of 21.75$/mt on 1 Aug back to the lowest since 26 July at 8.0$/mt.
- The Dec23-Dec24 spread has pulled back from 86.75$/mt on 2 Aug to 67$/mt but remains high compared to around 23$/mt from the start of July amid ongoing tight supplies and low global inventories.
- The US and European diesel cracks spreads have also eased back slightly this week after the strong rally seen in July. The European front month Gasoil-Brent spread is down from about 33.5$/bbl on 3 Aug to 29.9$/bbl today.
- Gasoil AUG 23 down -2.2% at 869.75$/mt
- ULSD SEP 23 down -1.1% at 2.98$/gal
- Gasoil AUG 23-SEP 23 down -2.75$/mt at 7.75$/mt
- Gasoil DEC 23-DEC 24 down -7.5$/mt at 66.75$/mt
- EU Gasoil-Brent down -0.5$/bbl at 30.17$/bbl
- US ULSD crack down -0.7$/bbl at 44.12$/bbl
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok